February 5, 2023

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Chongqing Changan New Power Car Inc. (Changan NEV) on Monday introduced the of entirety of round-B financing totaling 4.977 billion yuan ($786.5 million). The budget are to be allotted for the R&D of recent power generation, marketplace enlargement and emblem development.

The buyers come with current shareholder Changan Automotive and South Business Property Control, in addition to new buyers such because the Financial institution of Communications Boyu No.1, Chengyuan Fund, Wuhu Xinshi Xinhong, CICC Keyuan Fairness Funding Fund and South Business Fund. After this capital building up, Changan Automotive’s shareholding ratio diminished from 48.95% to 40.66%, but last the most important shareholder.

In 2017, Changan Automotive launched the Changan Automotive New Power Technique, which it referred to as the Shangri-L. a. Plan, mentioning that by means of 2025 it is going to prevent promoting conventional gasoline automobiles and electrify its whole product vary. The company established Changan EV in 2018.

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In 2021, Changan NEV offered over 100,000 automobiles, up 300% year-on-year, and the best-selling fashion was once the Changan Benben EV. In step with the Federation of China Passenger Automobile Affiliation, the gross sales quantity of Changan Benben EVs reached 76,000 automobiles. Deng Chenghao, basic supervisor of Changan EV, stated that the gross sales quantity will double to 210,000 automobiles subsequent 12 months, exceed 500,000 automobiles by means of 2024, and succeed in a favorable money float.

In step with information from China Project Funding Consulting Ltd., within the first 11 months of 2021, China’s challenge capital and personal fairness funding marketplace invested no less than $5.5 billion in new power automobiles and $6.2 billion in batteries. If counting the 45 billion yuan building up that Recent Amperex Generation Co., Restricted (CATL) won and were given authorized by means of the Shenzhen Inventory Alternate every week in the past, the brand new power sector in China has raised greater than 100 billion yuan.

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